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The basics of Economics
Economics
A social science that focuses on the production, distribution, and consumption of goods and services.
Microeconomics
The study of how individual consumers and firms make decisions to allocate resources.
Macroeconomics
The branch of economics studying the behavior and performance of an economy as a whole.
Positive Economics
A branch of economics that studies the relationship between two variables without giving value judgments.
Normative Economics
A branch of economics that involves value judgments and prescribes what ought to be.
Economic Growth
An increase in a country’s wealth and the expansion of industries and markets, often measured by GDP.
Human Development
An approach that emphasizes improving human well-being through access to education, healthcare, and a decent standard of living.
Social Development
The progression of society in terms of equality, justice, and social cohesion, including efforts to reduce poverty and improve education.
Political Development
The establishment of effective governance structures that uphold democracy, rule of law, and human rights.
Environmental Sustainability
The responsible use of natural resources and protection of ecosystems to achieve true development.
Economic Development
The process in which a country’s economy becomes more advanced.
Development Studies
An interdisciplinary field focused on improving economic conditions in developing countries.
Resource Allocation
The process of distributing available resources among various uses.
Market Economy
An economic system based on supply and demand with little or no government control.
Consumer Goods
Products intended for personal use by consumers.
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